Take a moment and consider the amount of $330,000. That’s a sizable sum, no matter your total nest egg… And it’s also a good estimate for how much a 65-year-old couple can anticipate spending on health care costs through average life expectancy.¹ 

Healthcare is vital to your quality of life, but you don’t want everything you’ve worked and saved up for to be spent on medical needs instead of personal enjoyment. 

Medicare provides a safety net for retirees, but it doesn’t cover everything. Premiums for Medicare Parts B and D, as well as supplemental insurance plans, can add up. For example, the monthly premium for Medicare Part B in 2025 is $185.² Additionally, out-of-pocket expenses for prescription drugs, dental, and vision care can have a wide range of variation. It’s important to budget for these costs and consider purchasing supplemental insurance to cover gaps in Medicare.

One of the most significant healthcare expenses in retirement is long-term care. According to the Employee Benefit Research Institute, 70% of people turning age 65 will need some form of long-term care in their lifetime. This can include services such as nursing home care, assisted living, or in-home care. The costs for these services can be substantial. The estimated median annual cost for a private room in a nursing home in 2030 is projected to be $141,444. Planning for long-term care is crucial to ensure you have the resources to cover these expenses.³

Addressing these future challenges now can help put you in a position to take care of yourself while focusing on all the best parts of your golden years. Contact us at 678-539-9518 to find out what plans can be put in place to begin providing for future medical costs before the need arises.

Investment advisory products and services made available through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. 

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1. https://www.fidelity.com/viewpoints/retirement/spending-in-retirement 
2. https://www.medicareadvantage.com/costs/average-cost-of-medicare
3. https://www.morningstar.com/personal-finance/100-must-know-statistics-about-long-term-care-2023-edition

This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.